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The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

Next-gen Toyota Tacoma to debut at Detroit Auto Show

Toyota's confirmation comes on the heels of General Motors' successful launch of its own midsize pickups. The next generation of the Toyota Tacoma pickup truck will be revealed in January at the Detroit Auto Show, a top executive confirmed Thursday. Bob Carter, senior vice president of automotive operations for Toyota, offered no other details, but the new version of the pickup is expected to have significant upgrades compared with the aging model on sale now. Our spy shooters caught a prototype testing this summer, and rumors of the new generation have been swirling for months. We've also previously reported that Toyota is planning to ramp up production next April at a factory in Mexico that builds the Tacoma. Toyota's confirmation comes on the heels of General Motors' successful launch of its own midsize pickups, the Chevrolet Colorado and GMC Canyon, which have garnered awards, positive reviews and solid sales since they arrived in showrooms this fall. It's unclear how large the new Tacoma will be, especially considering that the Canyon and Colorado flirt with fullsize territory. The Tacoma was last updated in 2012, and the segment has changed dramatically since then with the addition of the GM trucks. Another Tacoma competitor, Honda's aging Ridgeline, is also expected to re-launch in 2015, which would leave the Nissan Frontier as the oldest truck in the field. Tacoma sales have slipped 4.1 percent to 140,757 units this year, though they posted a 3.3-percent gain in November. Meanwhile, Carter also said Lexus will reveal two performance vehicles, though he didn't elaborate. "I'll leave it at that, but I promise you'll enjoy it," he said coyly. Lexus just showed the LF-C2 convertible concept at the Los Angeles Auto Show.

Lexus builds an actual hoverboard [w/video]

Sometimes a story comes along that your heart desperately wants to be true, but every brain cell is screaming that something is amiss. For one of the best examples of this in recent memory, take a good look at the Lexus Hoverboard. Despite seeming like pure science fiction, the company vehemently claims this vision of the future isn't a joke or a hoax. It all seems so hard to believe, though. Like us, your first question is probably how this thing works if it is real. Unfortunately, Lexus is being very cagey with the details at this time. The Hoverboard allegedly runs on "magnetic levitation with liquid nitrogen-cooled superconductors and permanent magnets." That's all we know for the moment, but the Japanese automaker claims to be working with "experts in super-conductive technology." While not the first functioning hoverboard, this one can apparently work on concrete, based on the teaser video. The company's spokespeople aren't giving away any of the tricks, either. "It is indeed real. We have worked with companies to make this happen, and there will be more demonstration of this later this summer," Nik Pearson, Press Relations Manager for Toyota and Lexus in the UK, said to Autoblog. "The technology mentioned in the release is accurate." According to Lexus, the Hoverboard prototype is being tested in Barcelona. So any readers in the Spanish city should keep an eye out for someone floating by. Get any Back to the Future 2 dreams out of your head right now, though. The company is clear that this thing isn't going on sale. Pearson also reiterated that point to Autoblog: "Don't expect it in showrooms any time soon." The teaser video below shows off more of the board but still raises a lot of questions. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. LEXUS CREATES ADVANCED HOVERBOARD Design and technology collaboration achieves creative breakthrough for new Lexus Amazing in Motion project A Lexus has always been a vehicle that rides on wheels, in contact with the ground. Until now. This summer a new Lexus takes flight, bringing the stuff of science fiction closer to real world fact. Lexus has worked with experts in super-conductive technology to create one of the most advanced Hoverboards the world has seen. The concept is the fourth project in its Amazing in Motion campaign, demonstrating its commitment to pursuing new possibilities in advanced design and technology.